Novel rare-earth silicide, Tb2Co0.8Si3.2 compound, crystallizes in the Lu2CoGa3 structure, a distorted substitution variant of the AlB2
structure. The compound exhibits a complex magnetic state, with a ferromagnetic transition at 58 K, followed by successive antiferromagnetic transitions at 24 K and 8 K, respectively. Isothermal and magnetic hysteresis studies indicate the prominence of competing antiferro and ferromagnetic interactions in the compound. However, this does not lead to the formation of spin glass behavior, as confirmed by AC magnetic susceptibility and heat capacity studies. In the paramagnetic state, the short-range ferromagnetic ordering of cobalt creates a Griffiths-like anomaly that is suppressed at higher magnetic fields. Investigation of magnetocaloric and magnetoresistance properties identifies the compound as a conventional second-order magnetocaloric material with negative magnetoresistance. Furthermore, the determination of Landau coefficients and subsequent analysis indicate that the isothermal entropy change of the compound can be calculated from these coefficients.